Bank myth busters and Polish credit cards

21-05-2018

by

Marcin Domagała

Product Department Director

Credit cards have accompanied Poles for over 20 years since Citi Handlowy (then Citibank Polska) issued the first credit card in Poland. For two decades, there have developed many untrue stories around the “plastic money” that are now part of the bank mythology. We decided to debunk five most repeated myths about cards.

Whether you already have a credit card or still cannot decide whether to have it issued, one thing is certain – you have heard a lot of untrue pieces of information about it passed by word of mouth. Let’s see which of them can be busted.

Myth #1 – “Only the wealthy can afford this luxury”

This belief has for a long time been a thing of the past. Nowadays, banks offer a very wide range of products, among which everyone can find a credit card tailored to their individual needs and financial capacity. At Citi Handlowy, a net income of PLN 1,200 is sufficient to obtain a Citi Simplicity card. This is over two times less than the average remuneration at micro-enterprises, amounting to PLN 2,577 (data of the Central Statistical Office). The remaining requirements aren’t very restrictive either: age above 21 years and a minimum of 3 months of past work at the current workplace. You have to admit that these are minor requirements.

Myth #2 – “I need to open an account to obtain a card, and why would I need another one”

We can’t see the point of it either; therefore, a credit card can be issued without opening an account with a given bank. But why would you take a card from a different bank than your account? The answer is: to have more beneficial conditions and access to attractive discount programs. Today, banks can offer far more than a loan or ensuring that your funds are secure – a welcome gift of PLN 300 to a selected shop and discounts of up to 50% to use at restaurants, for a cruise, hotels or theater tickets are an additional perk.

Myth #3 – “A credit card is the first step to debts” You have 56 days following a credit card

You have 56 days following a credit card transaction to repay the amount without interest – this gives you almost 2 months to settle your obligations. The card itself will not cause any debts – to properly use the card, you have to observe repayment deadlines. Make sure to properly manage your funds even before inserting your card into the terminal or clicking the “make a transfer” button online.

Myth #4 – “A credit card is an expensive business”

This statement is also false – what’s interesting, now you can even profit from a card. A card is issued free of charge, so all you need to do to ensure free use is regularly repay the money. How can you get more from a card? <linki do https://www.online.citibank.pl/karty-kredytowe/citi-simplicity.html> It’s simple – just take advantage of one of the above-mentioned discount programs. What you save, you gain.

Are you sure? A credit card not only grants you access to the said discounts but also saves you time. And, as we all know, time is money. A credit card will help you quickly book a flight or a hotel room abroad. <linki https://www.online.citibank.pl/karty-kredytowe/mastercard-world.html> This advantage is especially useful in situations where every second counts. You shouldn't waste it on confirming debit transactions.

Together, it took us a few minutes to debunk myths accumulated over the last 20 years. Share this knowledge with others, maybe they will become more positive about credit cards.

Citi Handowy Magazine is a blog for retail clients, pressroom for media and an online magazine with banking experts. Important information about the character of materials published on Citi Handlowy Magazine you can find here.